"This is a major step towards financial inclusion and empowerment as India is known world over for making small savings which is the core of the country's economy," Swaraj said on the occasion.

While Prime Minister Narendra Modi launched the mega scheme in New Delhi, Swaraj and Madhya Pradesh Chief Minister Shivraj Singh Chouhan were assigned the task to roll out the programme in Madhya Pradesh.

Swaraj, who is MP from Vidisha seat in the state, along with Chouhan handed over bank account documents to some beneficiaries of the scheme.

The scheme, unveiled within 100 days of forming the new government, will cover 7.5 crore people by January 26, 2015, who will be provided zero-balance bank account with RuPay debit card, life insurance cover of Rs 30,000 in addition to accidental insurance cover of Rs one lakh.

Later the account holders will be provided an overdraft facility of up to Rs 5,000.

Swaraj, along with Chouhan and other prominent citizens, watched the live telecast of the Prime Minister's function in New Delhi.